Exercise 25-1 Shannon Company is planning to produce 3,000 units of product in 2014. Each unit requires 3.10 pounds of materials at $7.90 per pound and a half-hour of labor at (a) Compute 201 for direct materials to be used, direct labor, and applied overhead. Direct materials Direct labor Overhead 15.00 per hour. The overhead rate is 70% of direct labor. the budgeted amounts for (b) Compute the standard cost of one unit of product, (Round answer to 2 decimal places, e.g. 2.75.) Standard cost